My mother sold me a piece of property in FL last November for $1.00. She bought the property back in the mid 70′s for about $7K and at last assessment the property could be sold for about $55K. I want to sell it in November (a year after she “sold” it to me). I am a school teacher in CA. I have no idea how to figure capital gains on something like this and was wondering if anyone could help me, or point me in a direction for help. Anyone have a ballpark figure on what the CG might be?